EFTA Document EFTA01373775

For Key Client Partners or US Institutional Investors. Not for Retail Distribution Term A/B Financing Overview of Risks and Considerations Muni Bond Price Risks Risk Ex .lanation Consideration Risk-Free Rates Broad. risk-free rates (LIBOR( such as LIBOR increase Muni Market Spreads Idiosyncratic Credit Spread Liquidity Spread Risk Optionality I Caliability Deutsche Bank Muni market spreads. measured as the difference between MMD and LIBOR. may increase Specific credit qual